The shares of Fineotex Chemical Ltd gained more than 8% in the early trading hours on Friday and reached their new 52-week high of Rs 252.90. Till afternoon, the stocks were trading at Rs 247.
A year ago the scrip was trading at Rs 115 a piece on NSE. From there it has scaled up to the current levels and logged a multibagger return of more than 113%. So far this year, the stock has delivered a return of approximately 80%.
In the past month the stock has scaled up by more than 33% and in the last five days, the stock has increased by 15%.
Ace investor Ashish Kacholia increased his holdings to 21,42,534 shares or a 1.93% stake in the company with an investment value of Rs 52.7 Crores, as of June 2022. In the March quarter, the investor held 20,42,534 shares or a 1.84% stake.
In Q1FY23, the company earned a total revenue of Rs 135 crores which is an increase of 115% from Rs 63 crores which it made in the same period a year ago. On a sequential basis, the revenue increased by 12%.
Their net profit jumped by 130% to Rs 20 crores in Q1FY23 from Rs 9 crores which it earned in Q1FY22. In the quarter before i.e, March their net profit stood at Rs 17 Crores.
The stock is undervalued in the industry as the Price to earnings (PE) ratio of the stock stands at 41.73 whereas the sector PE ratio is 54.01.
The promoters of the company hold a 64.94% stake in the company while Domestic Institutional investors hold 5.35%.
Fineotex Chemicals Ltd is engaged in the business of manufacturing auxiliaries and speciality chemicals for textiles, construction, water treatment, fertilizer, leather, and paint industries.
Written by – Anoushka Roy
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